For the first time in its history, Dangote Cement Group has reported earnings before interest, taxes, depreciation and amortisation (EBITDA) of N1.38 trillion, marking a 56 per cent year-on-year increase and surpassing the N1 trillion mark.
Earnings per share also rose by 12.3 per cent to N29.74, compared to N26.47 in 2023. In line with the strong performance, shareholders unanimously endorsed a dividend payout of N30 per share, amounting to a total distribution of N502.6 billion.
Chairman of the company, Aliko Dangote, presented the results at the company’s annual general meeting, reporting revenue of N3.58 trillion, a 62.2 per cent year-on-year increase. He attributed the performance to strategic pricing and a strong recovery in demand across key markets, particularly Nigeria.
In addition to its financial gains, the company significantly expanded its corporate social responsibility (CSR) investment, which increased by 469.8 per cent to N13.2 billion. The CSR programmes focused on education, healthcare, agriculture, infrastructure, and economic empowerment.
Speaking on behalf of shareholders, the President of the Association for the Advancement of Rights of Nigerian Shareholders (AARNS), Faruk Umar, commended Dangote and his management team. He said the ability to sustain strong dividend payouts despite macroeconomic headwinds and expansion pressures reflected the resilience and strategic foresight of the company.
“We are very pleased with this outcome. The year 2024 was marked by foreign exchange volatility and capital-intensive expansion, yet Dangote Cement maintained impressive returns. This demonstrates commendable leadership and entrepreneurial strength,” Umar said.
Similarly, Chairperson of the Pragmatic Shareholders Association of Nigeria, Mrs Bisi Bakare, praised the company’s dividend record and corporate governance standards.
“As a shareholder and keen investor, I am delighted by our company’s progress. Paying N30 per share in dividends when earnings per share are just below that figure is remarkable. It speaks to the quality of leadership at Dangote Cement,” she said. “It is also the highest dividend paid by any manufacturing company in the year under review.”
Dangote reiterated that the company’s operational strategy in all countries is centred on leadership in cost efficiency, product quality and customer service. He noted that its investments in modern, high-capacity plants with advanced technology from Europe, China and elsewhere have helped the firm reduce production costs and gain a competitive edge.
He also disclosed that a 3 million metric tonnes per annum (3MTA) grinding plant in Côte d’Ivoire would be commissioned this year, alongside a 6MTA integrated plant in Itori, Ogun State.
In a move towards sustainable logistics, Dangote revealed that the company had acquired 1,500 compressed natural gas (CNG) trucks to replace diesel-fuelled vehicles. This shift, he said, would reduce costs and environmental impact. Plans are also underway to double the CNG fleet to 3,000 trucks.